ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

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<p>The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. </p>
</div><h3>Macro Insights</h3><p>In <a href="https://www.smartkarma.com/insights/singapore-s-post-pandemic-economic-strategy-does-not-go-far-enough" target="_blank" rel="noopener">Singapore's post-pandemic Economic Strategy Does Not Go Far Enough</a>, economist <a href="https://www.smartkarma.com/profiles/nigel-chiang" target="_blank" rel="noopener">Nigel Chiang</a> discusses Singapore's post-pandemic economic strategy and economic outlook. </p><h3>Equity Bottom Up</h3><p>In <a href="https://www.smartkarma.com/insights/telkom-indonesia-tlkm-ij-digital-catalysts-abound" target="_blank" rel="noopener">Telkom Indonesia (TLKM IJ) - Digital Catalysts Abound?</a>, CrossASEAN insight provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a> returns to look at <a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" rel="noopener">Telekomunikasi Indonesia (TLKM IJ)</a> after the company released a decent set of FY2020 results.</p><p><a href="https://www.smartkarma.com/entities/telekomunikasi-indonesia" target="_blank" data-smartkarma-citation="entities:1051:1" rel="noopener"></a>In <a href="https://www.smartkarma.com/insights/ace-hardware-aces-ij-renovation-complete-time-to-move-in" target="_blank" rel="noopener">Ace Hardware (ACES IJ) - Renovation Complete, Time to Move-In</a>, <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a> circles back to <a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" rel="noopener">Ace Hardware Indonesia (ACES IJ)</a> post its FY2020 results where the company managed to record a solid performance despite the pandemic. </p><p>In <a href="https://www.smartkarma.com/insights/philippine-stock-exchange-pse-pm-solid-foundations-for-future-growth" target="_blank" rel="noopener">Philippine Stock Exchange (PSE PM) - Solid Foundations for Future Growth</a>, Crossasean Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a> reports back on <a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" rel="noopener">Philippine Stock Exchange (PSE PM)</a> that just released a strong set of 1Q2021 results, underpinning a positive view.</p><p>In <a href="https://www.smartkarma.com/insights/erajaya-swasembada-eraa-ij-the-empire-strikes-back" target="_blank" rel="noopener">Erajaya Swasembada (ERAA IJ) - The Empire Strikes Back</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a> circles back to <a href="https://www.smartkarma.com/entities/erajaya-swasembada-tbk-pt" target="_blank" rel="noopener">Erajaya Swasembada (ERAA IJ)</a> after it released a strong set of 1Q2021 results. </p><p>In <a href="https://www.smartkarma.com/insights/berli-jucker-bjc-tb-stock-up-for-canned-recovery" target="_blank" data-smartkarma-citation="insights:52281" rel="noopener">Berli Jucker (BJC TB) - Stock-Up for Canned Recovery?</a> CrossASEAN Inisght Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> circles back to the company post recent 1Q2021 results and a conversation with management.</p><p>In <a href="https://www.smartkarma.com/insights/xl-axiata-excl-ij-rising-through-the-cloud" target="_blank" data-smartkarma-citation="insights:51936" rel="noopener">XL Axiata (EXCL IJ) - Rising Through The Cloud</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> circles back to <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata (EXCL IJ)</a> after recent results and a number of interesting data points regarding 5G.</p><p><a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener"></a>In <a href="https://www.smartkarma.com/insights/malaysia-mco-winners" target="_blank" rel="noopener">Malaysia MCO: Winners</a>, <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" rel="noopener">Henry Soediarko</a> discusses what will happen to the <a href="https://www.smartkarma.com/entities/kuala-lumpur-composite-index" target="_blank" rel="noopener">Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX)</a> as the Malaysian government extends the MCO orders with COVID-19 cases rising.</p><p>In <a href="https://www.smartkarma.com/insights/kasikornbank-kbank-impact-of-the-nvdr-issuance-halt" target="_blank" rel="noopener">Kasikornbank (KBANK): Impact of the NVDR Issuance Halt</a>, <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" rel="noopener">Brian Freitas</a> returns to look at <a href="https://www.smartkarma.com/entities/kasikornbank-pcl" target="_blank" rel="noopener">Kasikornbank PCL (KBANK TB)</a> after the company announced that investors are unable to buy any more Non-Voting Depository Receipts (NVDR) in the bank due to the current issuance approaching its permitted limit of 25% of issued shares. </p><p>In <a href="https://www.smartkarma.com/insights/monde-nissin-is-attracting-a-lot-of-long-only-funds" target="_blank" rel="noopener">Monde Nissin Is Attracting a Lot of Long Only Funds</a>, <a href="https://www.smartkarma.com/profiles/oshadhi-kumarasiri" target="_blank" rel="noopener">Oshadhi Kumarasiri</a> reports back on <a href="https://www.smartkarma.com/entities/monde-nissin-corp" target="_blank" rel="noopener">Monde Nissin Corp (0191881D PM)</a>'s ongoing IPO that has already secured 11 cornerstone investors, including GIC, Fidelity International, AIA, and Goldman Sachs Asset Management.</p><p>In <a href="https://www.smartkarma.com/insights/ea-ev-ess-business-commencement-delayed-to-2h21" target="_blank" rel="noopener">EA: EV-ESS Business Commencement Delayed to 2H21</a>, <a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener">Country Group</a>' feeds back from <a href="https://www.smartkarma.com/entities/energy-absolute-pcl" target="_blank" rel="noopener">Energy Absolute (EA TB)</a> analyst meeting which  came out in a negative tone.</p><p>In <a href="https://www.smartkarma.com/insights/bch-strong-earnings-momentum-in-2q21" target="_blank" rel="noopener">BCH: Strong Earnings Momentum in 2Q21</a>, <a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener">Country Group</a> maintains a HOLD rating for <a href="https://www.smartkarma.com/entities/bangkok-chain-hospital-pcl" target="_blank" rel="noopener">Bangkok Chain Hospital (BCH TB)</a> after the analyst meeting that came out with a positive tone, thanks to solid COVID-19 related revenue from 3rd wave of COVID-19.</p><p>In <a href="https://www.smartkarma.com/insights/toa-increase-in-raw-material-costs-pressures-2q21-profit" target="_blank" rel="noopener">TOA: Increase in Raw Material Costs Pressures 2Q21 Profit</a>, <a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener">Country Group</a> maintains a HOLD rating for <a href="https://www.smartkarma.com/entities/toa-paint-thailand-pcl" target="_blank" rel="noopener">TOA Paint (Thailand) (TOA TB)</a>, as they expect that the company's net profit will be weak in 2Q21, due to cost increases.</p><p>In <a href="https://www.smartkarma.com/insights/hana-benefit-from-strong-demand-could-be-limited-by-chip-shortage" target="_blank" rel="noopener">HANA: Benefit from Strong Demand Could Be Limited by Chip Shortage</a>, <a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener">Country Group</a> returns to look at <a href="https://www.smartkarma.com/entities/hana-microelectronics-pcl" target="_blank" rel="noopener">Hana Microelectronics (HANA TB)</a> after it released its 1Q2021 results. </p><p>In <a href="https://www.smartkarma.com/insights/shr-hiccup-in-2q21-before-recover-strongly-in-2h21" target="_blank" rel="noopener">SHR: Hiccup in 2Q21 Before Recover Strongly in 2H21</a>, <a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener">Country Group</a> maintains HOLD rating for <a href="https://www.smartkarma.com/entities/s-hotels-resorts-pcl" target="_blank" rel="noopener">S Hotels &amp; Resorts PCL (SHR TB)</a> and expects its earning to recover in 2H2021. </p><p>In <a href="https://www.smartkarma.com/insights/cbg-china-market-is-a-key-growth-driver-in-the-next-three-years" target="_blank" rel="noopener">CBG: China Market Is a Key Growth Driver in the Next Three Years</a>, <a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener">Country Group</a> keep a BUY rating on <a href="https://www.smartkarma.com/entities/carabao-group-pcl" target="_blank" rel="noopener">Carabao Group (CBG TB)</a> post its recent analyst meeting.</p><h3>Sector and Thematic </h3><p>In <a href="https://www.smartkarma.com/insights/the-stocks-to-own-in-thailand-vol-33" target="_blank" rel="noopener">The Stocks to Own in Thailand – Vol. 33</a>, <a href="https://www.smartkarma.com/profiles/dr-andrew-stotz-cfa" target="_blank" rel="noopener">Dr Andrew Stotz, CFA</a> from <a href="https://www.smartkarma.com/companies/a-stotz-investment-research" target="_blank" rel="noopener">A. Stotz Investment Research</a> highlights 14 stocks in Thailand that look interesting to own based upon their FVMR Methodology.</p><h3>Credit</h3><p>In <a href="https://www.smartkarma.com/insights/smartkarma-webinar-high-yield-opportunities-in-indonesia-and-india" target="_blank" rel="noopener">Smartkarma Webinar | High-Yield Opportunities in Indonesia and India</a>, Insight Providers <a href="https://www.smartkarma.com/profiles/leonard-law-cfa" target="_blank" rel="noopener">Leonard Law, CFA</a> and <a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" rel="noopener">Trung Nguyen</a> of <a href="https://www.smartkarma.com/companies/lucror-analytics" target="_blank" rel="noopener">Lucror Analytics</a> will go over HY picks for the Indonesian and Indian markets, focusing on names that Lucror covers and outlining their high-conviction "Buy" ideas. Please find the registration details through the above link.</p>


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. 
Macro InsightsIn Singapore's post-pandemic Economic Strategy Does Not Go Far Enough, economist Nigel Chiang discusses Singapore's post-pandemic economic strategy and economic outlook. Equity Bottom UpIn Telkom Indonesia (TLKM IJ) - Digital Catalysts Abound?, CrossASEAN insight provider Angus Mackintosh returns to look at Telekomunikasi Indonesia (TLKM IJ) after the company released a decent set of FY2020 results.In Ace Hardware (ACES IJ) - Renovation Complete, Time to Move-In, Angus Mackintosh circles back to Ace Hardware Indonesia (ACES IJ) post its FY2020 results where the company managed to record a solid performance despite the pandemic. In Philippine Stock Exchange (PSE PM) - Solid Foundations for Future Growth, Crossasean Insight Provider Angus Mackintosh reports back on Philippine Stock Exchange (PSE PM) that just released a strong set of 1Q2021 results, underpinning a positive view.In Erajaya Swasembada (ERAA IJ) - The Empire Strikes Back, CrossASEAN Insight Provider Angus Mackintosh circles back to Erajaya Swasembada (ERAA IJ) after it released a strong set of 1Q2021 results. In Berli Jucker (BJC TB) - Stock-Up for Canned Recovery? CrossASEAN Inisght Provider Angus Mackintosh circles back to the company post recent 1Q2021 results and a conversation with management.In XL Axiata (EXCL IJ) - Rising Through The Cloud CrossASEAN Insight Provider Angus Mackintosh circles back to XL Axiata (EXCL IJ) after recent results and a number of interesting data points regarding 5G.In Malaysia MCO: Winners, Henry Soediarko discusses what will happen to the Kuala Lumpur Composite Index (KLCI) (FBMKLCI INDEX) as the Malaysian government extends the MCO orders with COVID-19 cases rising.In Kasikornbank (KBANK): Impact of the NVDR Issuance Halt, Brian Freitas returns to look at Kasikornbank PCL (KBANK TB) after the company announced that investors are unable to buy any more Non-Voting Depository Receipts (NVDR) in the bank due to the current issuance approaching its permitted limit of 25% of issued shares. In Monde Nissin Is Attracting a Lot of Long Only Funds, Oshadhi Kumarasiri reports back on Monde Nissin Corp (0191881D PM)'s ongoing IPO that has already secured 11 cornerstone investors, including GIC, Fidelity International, AIA, and Goldman Sachs Asset Management.In EA: EV-ESS Business Commencement Delayed to 2H21, Country Group' feeds back from Energy Absolute (EA TB) analyst meeting which  came out in a negative tone.In BCH: Strong Earnings Momentum in 2Q21, Country Group maintains a HOLD rating for Bangkok Chain Hospital (BCH TB) after the analyst meeting that came out with a positive tone, thanks to solid COVID-19 related revenue from 3rd wave of COVID-19.In TOA: Increase in Raw Material Costs Pressures 2Q21 Profit, Country Group maintains a HOLD rating for TOA Paint (Thailand) (TOA TB), as they expect that the company's net profit will be weak in 2Q21, due to cost increases.In HANA: Benefit from Strong Demand Could Be Limited by Chip Shortage, Country Group returns to look at Hana Microelectronics (HANA TB) after it released its 1Q2021 results. In SHR: Hiccup in 2Q21 Before Recover Strongly in 2H21, Country Group maintains HOLD rating for S Hotels &amp; Resorts PCL (SHR TB) and expects its earning to recover in 2H2021. In CBG: China Market Is a Key Growth Driver in the Next Three Years, Country Group keep a BUY rating on Carabao Group (CBG TB) post its recent analyst meeting.Sector and Thematic In The Stocks to Own in Thailand – Vol. 33, Dr Andrew Stotz, CFA from A. Stotz Investment Research highlights 14 stocks in Thailand that look interesting to own based upon their FVMR Methodology.CreditIn Smartkarma Webinar | High-Yield Opportunities in Indonesia and India, Insight Providers Leonard Law, CFA and Trung Nguyen of Lucror Analytics will go over HY picks for the Indonesian and Indian markets, focusing on names that Lucror covers and outlining their high-conviction "Buy" ideas. Please find the registration details through the above link.

The Week That Was in ASEAN@Smartkarma - Post Pandemic Singapore, Digital Telkom, and the PSE

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<p>The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. </p>
</div>
<p><strong>In<a href="https://www.smartkarma.com/insights/smartkarma-corporate-webinar-centurion-corporation-limited-a-purpose-built-recovery-ahead" target="_blank" rel="noopener"> Smartkarma Corporate Webinar | Centurion Corporation Limited - A Purpose-Built Recovery Ahead</a>,</strong><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> will host a fireside chat with<a href="https://www.smartkarma.com/entities/centurion-corp-ltd" target="_blank" rel="noopener"> Centurion Corp (CENT SP)</a> CEO who was sharing some key aspects about the company. Please use the above link to register for the Webinar on Tuesday 2nd March.</p>
<h3>Macro Insights</h3>
<p>In <a href="https://www.smartkarma.com/insights/indonesia-intensifying-reform-agenda-under-an-unbridled-jokowi-is-good-news-for-the-economy" target="_blank" data-smartkarma-citation="insights:48637" rel="noopener">Indonesia: Intensifying Reform Agenda Under an Unbridled Jokowi Is Good News for the Economy</a>, economist <a href="https://www.smartkarma.com/profiles/nicholas-chia" target="_blank" data-smartkarma-citation="accounts:1567" rel="noopener">Nicholas Chia</a> sees President Jokowi's rising popularity as a boost for him to push through with reforms. </p>
<p>In<a href="https://www.smartkarma.com/insights/the-philippines-3-reasons-why-remittances-will-surprise-on-the-upside" target="_blank" rel="noopener"> The Philippines: 3 Reasons Why Remittances Will Surprise On The Upside</a>, Economist<a href="https://www.smartkarma.com/profiles/nicholas-chia" target="_blank" rel="noopener"> Nicholas Chia</a> discusses the Philippines economic outlook in 2021 and why he thinks remittance flows will be higher than expected. </p>
<p>In<a href="https://www.smartkarma.com/insights/a-prudent-safe-budget-but-is-it-what-singapore-needs" target="_blank" rel="noopener"> A Prudent, Safe Budget, But Is It What Singapore Needs?</a>, <a href="https://www.smartkarma.com/profiles/nigel-chiang" target="_blank" data-smartkarma-citation="accounts:18150" rel="noopener">Nigel Chiang</a> discusses Singapore's 2021 budget recently delivered by Finance Minister and aimed at accomplishing two objectives: to maintain targeted fiscal support and to support the economy’s medium-term transition. </p>
<h3>Equity Bottom Up</h3>
<p>In<a href="https://www.smartkarma.com/insights/sea-ltd-se-us-extending-the-runway-for-a-bigger-plane" target="_blank" rel="noopener"> Sea Ltd (SE US) - Extending the Runway for a Bigger Plane?</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> circles back to <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" rel="noopener">Sea Ltd (SE US)</a> after the company announced its intention to launch Shopee in Mexico, which may cause more cash burn and a longer runway to profitability.</p>
<p>In <a href="https://www.smartkarma.com/insights/bank-rakyat-indonesia-bbri-ij-both-micro-and-digital" target="_blank" data-smartkarma-citation="insights:48613" rel="noopener">Bank Rakyat Indonesia (BBRI IJ) - Both Micro and Digital</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's biggest microlender and finds it increasingly focused on its core competencies. </p>
<p>In <a href="https://www.smartkarma.com/insights/astra-international-asii-ij-sitting-in-pole-position" target="_blank" data-smartkarma-citation="insights:48606" rel="noopener">Astra International (ASII IJ) - Sitting in Pole Position</a>, CrossASEAN Insight provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> circles back to Astra post its recent results.</p>
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<div>In <a href="https://www.smartkarma.com/insights/gojek-1379371d-ij-a-leg-up-for-digital-finance" target="_blank" data-smartkarma-citation="insights:48646" rel="noopener">Gojek (1379371D IJ) - A Leg Up for Digital Finance?</a>, <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek (1379371D IJ)</a>'s digital finance aspirations following the news that GIC will also invest in <a href="https://www.smartkarma.com/entities/bank-jago-tbk-pt" target="_blank" data-smartkarma-citation="entities:31094:1" rel="noopener">Bank Jago Tbk PT (ARTO IJ)</a>.</div>
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<div>In<a href="https://www.smartkarma.com/insights/cromwell-european-reit-cert-sp-opportunity-knocks" target="_blank" rel="noopener"> Cromwell European REIT (CERT SP) - Opportunity Knocks?</a>,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> takes an initial look at<a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" rel="noopener"> Cromwell European REIT (CERT SP)</a> after the company announced its FY2020 and a Euro90m private placement. </div>
<div></div>
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<p>In<a href="https://www.smartkarma.com/insights/arwana-citramulia-arna-ij-fired-up-top-quality-industrial" target="_blank" rel="noopener"> Arwana Citramulia (ARNA IJ) - Fired Up Top Quality Industrial</a>,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> circles back to top quality industrial<a href="https://www.smartkarma.com/entities/arwana-citramulia-tbk-pt" target="_blank" rel="noopener"> Arwana Citramulia (ARNA IJ)</a> after its recent 2020 results and finds a positive outlook.</p>
<p>In<a href="https://www.smartkarma.com/insights/cromwell-reit-placement-acquisition-was-announced-well-ahead-and-placement-likely-expected" target="_blank" rel="noopener"> Cromwell REIT Placement - Acquisition Was Announced Well Ahead and Placement Likely Expected</a>,<a href="https://www.smartkarma.com/profiles/zhen-zhou-toh" target="_blank" rel="noopener"> Zhen Zhou, Toh</a> discusses<a href="https://www.smartkarma.com/entities/cromwell-european-real-estate" target="_blank" rel="noopener"> Cromwell European REIT (CERT SP)</a> and its plan to raise about EUR94m via a private placement to acquire properties and the consequential impact on financials. </p>
<p>In<a href="https://www.smartkarma.com/insights/sprc-grm-to-be-supported-by-maintenance-season-in-q2" target="_blank" rel="noopener"> SPRC: GRM to Be Supported by Maintenance Season in Q2</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> circles back after attending the  <a href="https://www.smartkarma.com/entities/star-petroleum-refining-pcl" target="_blank" data-smartkarma-citation="entities:21007:1" rel="noopener">Star Petroleum Refining (SPRC TB)</a> analyst meeting. They expect the refinery margin to continue to improve and jump in 2Q21, supported by declining inventories, maintenance season in Q2, and vaccinations.</p>
<p>In<a href="https://www.smartkarma.com/insights/ggc-an-increase-in-cpo-price-to-decelerate-in-march" target="_blank" rel="noopener"> GGC: An Increase in CPO Price to Decelerate in March</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> circle back after attending the <a href="https://www.smartkarma.com/entities/global-green-chemicals-pcl" target="_blank" rel="noopener">Global Green Chemicals (GGC TB)</a> analyst meeting, which resulted in the company's rating being downgraded to HOLD due to the new harvesting season in March-May putting pressure on the CPO price down.</p>
<p>In<a href="https://www.smartkarma.com/insights/shr-stock-price-recovered-to-pre-covid-level" target="_blank" rel="noopener"> SHR: Stock Price Recovered to Pre-Covid Level</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> revisit<a href="https://www.smartkarma.com/entities/s-hotels-resorts-pcl" target="_blank" rel="noopener"> S Hotels &amp; Resorts PCL (SHR TB),</a> which is making a gradual recovery as its overseas assets, particularly in the Maldives, UK, Fiji, and Mauritius, which should start to see the benefit of increasing vaccinations in Western countries in the near future.</p>
<p>In<a href="https://www.smartkarma.com/insights/bcpg-positive-earnings-outlook-and-new-capacity-addition-in-2021" target="_blank" rel="noopener"> BCPG: Positive Earnings Outlook and New Capacity Addition in 2021</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> maintains a positive outlook towards <a href="https://www.smartkarma.com/entities/bcpg-pcl" target="_blank" rel="noopener">BCPG PCL (BCPG TB)</a>, with expectations of +12% EPS growth in 2021 on the back of profit recognition from its 20MWe solar project added in 3Q2020, as well as higher cash flow from hydropower plants.</p>
<p>In<a href="https://www.smartkarma.com/insights/bgc-aim-to-be-total-packaging-solution" target="_blank" rel="noopener"> BGC: Aim to Be “Total Packaging Solution’’</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> attended the<a href="https://www.smartkarma.com/entities/bg-container-glass-pcl" target="_blank" rel="noopener"> BG Container Glass PCL (BGC TB)</a> analyst briefing post its FY2020 results. The analyst meeting came out with a neutral tone as the company anticipates earnings in 2021E to drop owing to a rise in the cost of production. They downgrade BGC from BUY to HOLD with a new target price (excluding the acquisitions) of Bt10.70. </p>
<p>In<a href="https://www.smartkarma.com/insights/ttw-4q20-earnings-dropped-both-yoy-and-qoq" target="_blank" rel="noopener"> TTW: 4Q20 Earnings Dropped Both YoY and QoQ</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> maintains a BUY rating post water company <a href="https://www.smartkarma.com/entities/ttw-pcl" target="_blank" data-smartkarma-citation="entities:13100:1" rel="noopener">TTW Pcl (TTW TB)</a>'s recent results.</p>
<p>In<a href="https://www.smartkarma.com/insights/awc-anticipate-slow-recovery-in-hospitality-business" target="_blank" rel="noopener"> AWC: Anticipate Slow Recovery in Hospitality Business</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> sees<a href="https://www.smartkarma.com/entities/asset-world-corp-pcl" target="_blank" rel="noopener"> Asset World Corporation (AWC TB)</a> as an interesting tourism recovery paly in 2H2021. They are positive on AWC’s speedy earnings recovery after lockdown relative to other hospitality-related stocks in Thailand, given its high degree of resilience of the company’s assets, and the management’s ability to effectively deploy a cost control program.</p>
<p><a href="https://www.smartkarma.com/insights/bcp-recovering-refinery-performance-to-be-key-earnings-driver" target="_blank" rel="noopener">BCP: Recovering Refinery Performance to Be Key Earnings Driver</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> circles back to<a href="https://www.smartkarma.com/entities/bangchak-corporation-public-company-limited" target="_blank" rel="noopener"> Bangchak Corporation (BCP TB)</a> having attended its analyst briefing, which had a positive tone. They expect a significant upswing in GRM trending up each quarter in 2021 on the back of the resumption of gasoline and diesel demand.</p>


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. 

In Smartkarma Corporate Webinar | Centurion Corporation Limited - A Purpose-Built Recovery Ahead, Angus Mackintosh will host a fireside chat with Centurion Corp (CENT SP) CEO who was sharing some key aspects about the company. Please use the above link to register for the Webinar on Tuesday 2nd March.
Macro Insights
In Indonesia: Intensifying Reform Agenda Under an Unbridled Jokowi Is Good News for the Economy, economist Nicholas Chia sees President Jokowi's rising popularity as a boost for him to push through with reforms. 
In The Philippines: 3 Reasons Why Remittances Will Surprise On The Upside, Economist Nicholas Chia discusses the Philippines economic outlook in 2021 and why he thinks remittance flows will be higher than expected. 
In A Prudent, Safe Budget, But Is It What Singapore Needs?, Nigel Chiang discusses Singapore's 2021 budget recently delivered by Finance Minister and aimed at accomplishing two objectives: to maintain targeted fiscal support and to support the economy’s medium-term transition. 
Equity Bottom Up
In Sea Ltd (SE US) - Extending the Runway for a Bigger Plane?, CrossASEAN insight provider Angus Mackintosh circles back to Sea Ltd (SE US) after the company announced its intention to launch Shopee in Mexico, which may cause more cash burn and a longer runway to profitability.
In Bank Rakyat Indonesia (BBRI IJ) - Both Micro and Digital, CrossASEAN Insight Provider Angus Mackintosh revisits Indonesia's biggest microlender and finds it increasingly focused on its core competencies. 
In Astra International (ASII IJ) - Sitting in Pole Position, CrossASEAN Insight provider Angus Mackintosh circles back to Astra post its recent results.

In Gojek (1379371D IJ) - A Leg Up for Digital Finance?, Angus Mackintosh revisits Gojek (1379371D IJ)'s digital finance aspirations following the news that GIC will also invest in Bank Jago Tbk PT (ARTO IJ).

In Cromwell European REIT (CERT SP) - Opportunity Knocks?, Angus Mackintosh takes an initial look at Cromwell European REIT (CERT SP) after the company announced its FY2020 and a Euro90m private placement. 


In Arwana Citramulia (ARNA IJ) - Fired Up Top Quality Industrial, Angus Mackintosh circles back to top quality industrial Arwana Citramulia (ARNA IJ) after its recent 2020 results and finds a positive outlook.
In Cromwell REIT Placement - Acquisition Was Announced Well Ahead and Placement Likely Expected, Zhen Zhou, Toh discusses Cromwell European REIT (CERT SP) and its plan to raise about EUR94m via a private placement to acquire properties and the consequential impact on financials. 
In SPRC: GRM to Be Supported by Maintenance Season in Q2, Country Group circles back after attending the  Star Petroleum Refining (SPRC TB) analyst meeting. They expect the refinery margin to continue to improve and jump in 2Q21, supported by declining inventories, maintenance season in Q2, and vaccinations.
In GGC: An Increase in CPO Price to Decelerate in March, Country Group circle back after attending the Global Green Chemicals (GGC TB) analyst meeting, which resulted in the company's rating being downgraded to HOLD due to the new harvesting season in March-May putting pressure on the CPO price down.
In SHR: Stock Price Recovered to Pre-Covid Level, Country Group revisit S Hotels &amp; Resorts PCL (SHR TB), which is making a gradual recovery as its overseas assets, particularly in the Maldives, UK, Fiji, and Mauritius, which should start to see the benefit of increasing vaccinations in Western countries in the near future.
In BCPG: Positive Earnings Outlook and New Capacity Addition in 2021, Country Group maintains a positive outlook towards BCPG PCL (BCPG TB), with expectations of +12% EPS growth in 2021 on the back of profit recognition from its 20MWe solar project added in 3Q2020, as well as higher cash flow from hydropower plants.
In BGC: Aim to Be “Total Packaging Solution’’, Country Group attended the BG Container Glass PCL (BGC TB) analyst briefing post its FY2020 results. The analyst meeting came out with a neutral tone as the company anticipates earnings in 2021E to drop owing to a rise in the cost of production. They downgrade BGC from BUY to HOLD with a new target price (excluding the acquisitions) of Bt10.70. 
In TTW: 4Q20 Earnings Dropped Both YoY and QoQ, Country Group maintains a BUY rating post water company TTW Pcl (TTW TB)'s recent results.
In AWC: Anticipate Slow Recovery in Hospitality Business, Country Group sees Asset World Corporation (AWC TB) as an interesting tourism recovery paly in 2H2021. They are positive on AWC’s speedy earnings recovery after lockdown relative to other hospitality-related stocks in Thailand, given its high degree of resilience of the company’s assets, and the management’s ability to effectively deploy a cost control program.
BCP: Recovering Refinery Performance to Be Key Earnings Driver, Country Group circles back to Bangchak Corporation (BCP TB) having attended its analyst briefing, which had a positive tone. They expect a significant upswing in GRM trending up each quarter in 2021 on the back of the resumption of gasoline and diesel demand.

The Week That Was in ASEAN@Smartkarma - Digital Finance, Microlending, and REITs

<div class="content-highlight">
<p><em><strong>Corrigenda: There is an error in this Insight. Please note the correction.</strong></em></p>
<p><em><strong>Correction: The Insight <a href="https://www.smartkarma.com/insights/bjbr-positive-fundamental-momentum-at-a-decent-valuation" target="_blank" data-smartkarma-citation="insights:44897" rel="noopener">BJBR: Positive Fundamental Momentum at a Decent Valuation</a> was improperly attributed to Thomas Monaco. It was published by <a href="https://www.smartkarma.com/profiles/paul-hollingworth" target="_blank" data-smartkarma-citation="accounts:2554" rel="noopener">Paul Hollingworth</a>.</strong></em></p>
</div>
<hr>
<div class="content-highlight">
<p>The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets.  </p>
</div>
<p><strong><a href="https://www.smartkarma.com/insights/smartkarma-corporate-webinar-indo-banks-the-worst-is-over" target="_blank" data-smartkarma-citation="insights:44882" rel="noopener">Smartkarma Corporate Webinar | Indo Banks: The Worst Is Over</a></strong>-<strong> 10th November at 4 pm.</strong></p>
<p>For our next Corporate Webinar, we welcome <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero (BMRI IJ)</a>'s Group Head of Investor Relations, <a href="https://www.smartkarma.com/profiles/yohan-setio" target="_blank" rel="noopener">Yohan Setio</a>, who will share some company updates and sit down for a fireside chat with Smartkarma Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a>.</p>
<h2>Indonesia's Recovery and the Next Digital Darling</h2>
<p>This week below the fold we look at Indonesia's recent economic numbers which saw the country slide into recession, its first since the Asian Crisis but find it encouraging that the economy is moving onto a recovery track. We see selective banks and <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> as core ways to play this recovery. </p>
<p><a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> is SoutEast Asia's largest Market Cap stock, and there are very few if any alternatives to get exposure to the region's e-commerce boom, certainly in the listed universe. One potential future candidate is <a href="https://www.smartkarma.com/entities/elang-mahkota-teknologi-tbk" target="_blank" data-smartkarma-citation="entities:7752:1" rel="noopener">Emtek (EMTK IJ),</a> which is the major shareholder of <a href="https://www.smartkarma.com/entities/surya-citra-media-pt-tbk" target="_blank" data-smartkarma-citation="entities:14739:1" rel="noopener">PT Surya Citra Media Tbk (SCMA IJ)</a> but it also has stakes in Bukalapak and Dana, the number three digital payments player in Indonesia and a JV with Ant Financial.</p>
<p><a href="https://www.smartkarma.com/entities/elang-mahkota-teknologi-tbk" target="_blank" data-smartkarma-citation="entities:7752:1" rel="noopener">Emtek (EMTK IJ)</a> has announced that it will seek approval for a stock split in December but this may not be the end of the story. Any restructuring which brings all of its digital assets under one roof and improves liquidity would certainly help the company attract more institutional investors and secure a higher valuation. </p>
<h3>Macro Insights</h3>
<p>In <a href="https://www.smartkarma.com/insights/thai-strategy-2021-part-2-top-10-stock-picks" target="_blank" data-smartkarma-citation="insights:40851" rel="noopener">Thai Strategy 2021 (Part 2): Top 10 Stock Picks,</a> our Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> lays out his top stock picks in Thailand for next year.</p>
<p>In <a href="https://www.smartkarma.com/insights/thai-strategy-2021-part-3-sector-outlooks" target="_blank" data-smartkarma-citation="insights:40864" rel="noopener">Thai Strategy 2021 (Part 3): Sector Outlooks,</a> our Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> provides us with his sector strategy in Thailand for the coming year. </p>
<h3>Equity Bottom Up</h3>
<p>In an Indonesian Insight,<a href="https://www.smartkarma.com/insights/astra-international-asii-ij-an-auto-recovery-story-with-a-golden-digital-twist" target="_blank" rel="noopener"> Astra International (ASII IJ) - An Auto-Recovery Story with a Golden Digital Twist</a>, CrossASEAN Insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> returns to look at<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" rel="noopener"> Astra International (ASII IJ)</a> after a conversation with management. </p>
<p>In <a href="https://www.smartkarma.com/insights/pt-surya-citra-media-tbk-scma-ij-let-the-games-begin" target="_blank" data-smartkarma-citation="insights:44914" rel="noopener">PT Surya Citra Media Tbk (SCMA IJ) - Let the Games Begin,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits one of Indonesia's leading media companies, which has an increasingly digital twist.</p>
<p>In <a href="https://www.smartkarma.com/insights/aem-holdings-optimistic-on-fy21-fair-value-remains-at-5-sgd-41-upside" target="_blank" data-smartkarma-citation="insights:44915" rel="noopener">AEM Holdings: Optimistic on FY21; Fair Value Remains at 5 SGD (41% Upside),</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/nicolas-van-broekhoven-24a66c2d-bca4-4f5b-adda-c4e2bcc509f4" target="_blank" data-smartkarma-citation="accounts:1208" rel="noopener">Nicolas Van Broekhoven</a> revisits <a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM Holdings (AEM SP)</a> after an impressive set of results and remains positive.</p>
<p>In <a href="https://www.smartkarma.com/insights/bjbr-positive-fundamental-momentum-at-a-decent-valuation" target="_blank" data-smartkarma-citation="insights:44897" rel="noopener">BJBR: Positive Fundamental Momentum at a Decent Valuation,</a><a href="https://www.smartkarma.com/profiles/thomas-j-monaco" target="_blank" data-smartkarma-citation="accounts:1716" rel="noopener">Thomas J. Monaco</a> writes on this smaller Indonesian lender with a positive slant.</p>
<p>In <a href="https://www.smartkarma.com/insights/oversea-chinese-banking-corp-still-not-a-great-eastern" target="_blank" data-smartkarma-citation="insights:44901" rel="noopener">Oversea Chinese Banking Corp – Still Not A Great Eastern,</a><a href="https://www.smartkarma.com/profiles/thomas-j-monaco" target="_blank" data-smartkarma-citation="accounts:1716" rel="noopener">Thomas J. Monaco</a> looked in detail at <a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> numbers ahead of <a href="https://www.smartkarma.com/entities/oversea-chinese-banking-corp" target="_blank" data-smartkarma-citation="entities:114:1" rel="noopener">Oversea Chinese Banking Corp. (OCBC SP)</a> results. </p>
<p>In <a href="https://www.smartkarma.com/insights/oversea-chinese-banking-corp-solid" target="_blank" data-smartkarma-citation="insights:45061" rel="noopener">Oversea Chinese Banking Corp. – Solid,</a><a href="https://www.smartkarma.com/profiles/thomas-j-monaco" target="_blank" data-smartkarma-citation="accounts:1716" rel="noopener">Thomas J. Monaco</a> revisits this Singapore lender with a positive view post its recent 3Q2020 numbers. </p>
<p><a href="https://www.smartkarma.com/entities/surya-citra-media-pt-tbk" target="_blank" data-smartkarma-citation="entities:14739:1" rel="noopener"></a>In<a href="https://www.smartkarma.com/insights/dbs-group-holdings-not-trending-the-right-way-yet" target="_blank" rel="noopener"> DBS Group Holdings – Not Trending The Right Way Yet</a>,<a href="https://www.smartkarma.com/profiles/thomas-j-monaco" target="_blank" rel="noopener"> Thomas J. Monaco</a> reports back<a href="https://www.smartkarma.com/entities/dbs-group-holdings-ltd" target="_blank" rel="noopener"> DBS Group Holdings (DBS SP)</a>'s post its recent 3Q2020 results with a chequered view.</p>
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<p>In this Thai Insight,<a href="https://www.smartkarma.com/insights/hmpro-expect-government-stimulus-scheme-drive-4q20-recover-qoq" target="_blank" rel="noopener"> HMPRO: Expect Government Stimulus Scheme Drive 4Q20 Recover QoQ,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> circle back to Thailand's leading home improvements player <a href="https://www.smartkarma.com/entities/home-product-center-pcl" target="_blank" data-smartkarma-citation="entities:9906:1" rel="noopener">Home Product Center (HMPRO TB)</a>. </p>
</div>
</div>
</div>
<p>In<a href="https://www.smartkarma.com/insights/synex-solid-earnings-growth-outlook-but-largely-priced-in" target="_blank" rel="noopener"> SYNEX: Solid Earnings Growth Outlook but Largely Priced In</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> provides a view on<a href="https://www.smartkarma.com/entities/synnex-thailand-pcl" target="_blank" rel="noopener"> Synnex Thailand (SYNEX TB),</a> following the recent run-up in the share price. </p>
<p>In this Thai Insight, <a href="https://www.smartkarma.com/insights/scc-strong-3q20-thanks-to-petrochemical-spread" target="_blank" rel="noopener">SCC: Strong 3Q20 Thanks to Petrochemical Spread</a>, our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> return to look at<a href="https://www.smartkarma.com/entities/siam-cement-pcl-the" target="_blank" rel="noopener"> Siam Cement (SCC TB)</a> post 3Q2020 results. </p>
<p>In <a href="https://www.smartkarma.com/insights/mc-prominent-denim-brand-with-new-growth-momentum" target="_blank" data-smartkarma-citation="insights:45077" rel="noopener">MC: Prominent Denim Brand with New Growth Momentum,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a>initiate on this leading Thai denim apparel player. They initiate coverage of <a href="https://www.smartkarma.com/entities/mc-group-pcl" target="_blank" data-smartkarma-citation="entities:17093:1" rel="noopener">MC Group Pcl (MC TB)</a> with a BUY rating and a target price of Bt12.0, derived from 18.5x FY21E PER, which is +1SD above its 5-year trading average but slightly lower than its global apparel peers.</p>
<h3>Credit Insights</h3>
<p>In <a href="https://www.smartkarma.com/insights/lippo-karawaci-earnings-flash-q3-fy-2020-results-lucror-analytics" target="_blank" rel="noopener">Lippo Karawaci - Earnings Flash - Q3 FY 2020 Results</a>, credit specialist<a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" rel="noopener"> Trung Nguyen</a> looks at<a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" rel="noopener"> Lippo Karawaci (LPKR IJ)'s</a> after its recent results, which continued to be robust in Q32020. </p>
<p>In <a href="https://www.smartkarma.com/insights/chandra-asri-earnings-flash-9m-fy-2020-results-lucror-analytics" target="_blank" data-smartkarma-citation="insights:44814" rel="noopener">Chandra Asri - Earnings Flash - 9M FY 2020 Results</a> credit specialist <a href="https://www.smartkarma.com/profiles/leonard-law-cfa" target="_blank" data-smartkarma-citation="accounts:7106" rel="noopener">Leonard Law, CFA</a> circles back to this leading chemicals player post 3Q2020 results.</p>


Corrigenda: There is an error in this Insight. Please note the correction.
Correction: The Insight BJBR: Positive Fundamental Momentum at a Decent Valuation was improperly attributed to Thomas Monaco. It was published by Paul Hollingworth.



The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets.  

Smartkarma Corporate Webinar | Indo Banks: The Worst Is Over- 10th November at 4 pm.
For our next Corporate Webinar, we welcome Bank Mandiri Persero (BMRI IJ)'s Group Head of Investor Relations, Yohan Setio, who will share some company updates and sit down for a fireside chat with Smartkarma Insight Provider Angus Mackintosh.
Indonesia's Recovery and the Next Digital Darling
This week below the fold we look at Indonesia's recent economic numbers which saw the country slide into recession, its first since the Asian Crisis but find it encouraging that the economy is moving onto a recovery track. We see selective banks and Astra International (ASII IJ) as core ways to play this recovery. 
Sea Ltd (SE US) is SoutEast Asia's largest Market Cap stock, and there are very few if any alternatives to get exposure to the region's e-commerce boom, certainly in the listed universe. One potential future candidate is Emtek (EMTK IJ), which is the major shareholder of PT Surya Citra Media Tbk (SCMA IJ) but it also has stakes in Bukalapak and Dana, the number three digital payments player in Indonesia and a JV with Ant Financial.
Emtek (EMTK IJ) has announced that it will seek approval for a stock split in December but this may not be the end of the story. Any restructuring which brings all of its digital assets under one roof and improves liquidity would certainly help the company attract more institutional investors and secure a higher valuation. 
Macro Insights
In Thai Strategy 2021 (Part 2): Top 10 Stock Picks, our Thai guru Athaporn Arayasantiparb, CFA lays out his top stock picks in Thailand for next year.
In Thai Strategy 2021 (Part 3): Sector Outlooks, our Thai guru Athaporn Arayasantiparb, CFA provides us with his sector strategy in Thailand for the coming year. 
Equity Bottom Up
In an Indonesian Insight, Astra International (ASII IJ) - An Auto-Recovery Story with a Golden Digital Twist, CrossASEAN Insight provider Angus Mackintosh returns to look at Astra International (ASII IJ) after a conversation with management. 
In PT Surya Citra Media Tbk (SCMA IJ) - Let the Games Begin, CrossASEAN Insight Provider Angus Mackintosh revisits one of Indonesia's leading media companies, which has an increasingly digital twist.
In AEM Holdings: Optimistic on FY21; Fair Value Remains at 5 SGD (41% Upside), CrossASEAN Insight Provider Nicolas Van Broekhoven revisits AEM Holdings (AEM SP) after an impressive set of results and remains positive.
In BJBR: Positive Fundamental Momentum at a Decent Valuation,Thomas J. Monaco writes on this smaller Indonesian lender with a positive slant.
In Oversea Chinese Banking Corp – Still Not A Great Eastern,Thomas J. Monaco looked in detail at Great Eastern Holdings (GE SP) numbers ahead of Oversea Chinese Banking Corp. (OCBC SP) results. 
In Oversea Chinese Banking Corp. – Solid,Thomas J. Monaco revisits this Singapore lender with a positive view post its recent 3Q2020 numbers. 
In DBS Group Holdings – Not Trending The Right Way Yet, Thomas J. Monaco reports back DBS Group Holdings (DBS SP)'s post its recent 3Q2020 results with a chequered view.



In this Thai Insight, HMPRO: Expect Government Stimulus Scheme Drive 4Q20 Recover QoQ, our friends at Country Group circle back to Thailand's leading home improvements player Home Product Center (HMPRO TB). 



In SYNEX: Solid Earnings Growth Outlook but Largely Priced In, Country Group provides a view on Synnex Thailand (SYNEX TB), following the recent run-up in the share price. 
In this Thai Insight, SCC: Strong 3Q20 Thanks to Petrochemical Spread, our friends at Country Group return to look at Siam Cement (SCC TB) post 3Q2020 results. 
In MC: Prominent Denim Brand with New Growth Momentum, our friends at Country Groupinitiate on this leading Thai denim apparel player. They initiate coverage of MC Group Pcl (MC TB) with a BUY rating and a target price of Bt12.0, derived from 18.5x FY21E PER, which is +1SD above its 5-year trading average but slightly lower than its global apparel peers.
Credit Insights
In Lippo Karawaci - Earnings Flash - Q3 FY 2020 Results, credit specialist Trung Nguyen looks at Lippo Karawaci (LPKR IJ)'s after its recent results, which continued to be robust in Q32020. 
In Chandra Asri - Earnings Flash - 9M FY 2020 Results credit specialist Leonard Law, CFA circles back to this leading chemicals player post 3Q2020 results.

The Week that Was in ASEAN@Smartkarma - Indonesia's Recovery and the Next Digital Darling

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<p>The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets.  </p>
</div><h3>Macro Insights</h3><p>In <a href="https://www.smartkarma.com/insights/agong-asserts-himself-preventing-change-of-pm-but-disallowing-emergency-rule" target="_blank" data-smartkarma-citation="insights:44572" rel="noopener">Agong Asserts Himself, Preventing Change of PM but Disallowing Emergency Rule,</a> CrossASEAN Chief Economist <a href="https://www.smartkarma.com/profiles/prasenjit-k-basu" target="_blank" data-smartkarma-citation="accounts:612" rel="noopener">Prasenjit K. Basu</a> comments on the ongoing political upheaval in Malaysia. </p><p>In <a href="https://www.smartkarma.com/insights/trouble-down-south-it-s-not-just-the-virus" target="_blank" data-smartkarma-citation="insights:44698" rel="noopener">Trouble Down South: It's Not Just the Virus,</a><a href="https://www.smartkarma.com/profiles/dr-jim-walker" target="_blank" data-smartkarma-citation="accounts:1628" rel="noopener">Dr. Jim Walker</a> gives his prescriptions on why South East Asia has been such a poor performer this year. </p><p>In <a href="https://www.smartkarma.com/insights/thai-strategy-2021-part-1-key-themes" target="_blank" data-smartkarma-citation="insights:40842" rel="noopener">Thai Strategy 2021 (Part 1): Key Themes,</a> out Thai guru <a href="https://www.smartkarma.com/profiles/athaporn-arayasantiparb-cfa" target="_blank" data-smartkarma-citation="accounts:766" rel="noopener">Athaporn Arayasantiparb, CFA</a> lays out his thoughts for the outlook for the Thai market next year. </p><h3>Equity Bottom-Up Insights</h3><p>In his Indonesian Insight, <a href="https://www.smartkarma.com/insights/matahari-department-store-lppf-ij-too-early-to-be-early" target="_blank" data-smartkarma-citation="insights:44460" rel="noopener">Matahari Department Store (LPPF IJ) - Too Early to Be Early,</a> Cross ASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> circles back to the country's largest department store operator post its recent results. </p><p>In <a href="https://www.smartkarma.com/insights/akr-corporindo-akra-ij-great-omnibus-expectations" target="_blank" data-smartkarma-citation="insights:44611" rel="noopener">AKR Corporindo (AKRA IJ) - Great Omnibus Expectations,</a> CrossASEAN insight provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a> revisits <a href="https://www.smartkarma.com/entities/akr-corporindo-tbk-pt" target="_blank" rel="noopener">AKR Corporindo (AKRA IJ)</a> after its recent 3Q2020 results that continued to demonstrate its resilience, with an across the board improvement in margins, despite a decline in sales.</p><p>In a Malaysian Insight, <a href="https://www.smartkarma.com/insights/ql-resources-ql-take-profit" target="_blank" data-smartkarma-citation="insights:44598" rel="noopener">QL Resources (QL): Take Profit?,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> revisits this commodity turned retail play, through its Family Mart business. </p><p>In <a href="https://www.smartkarma.com/insights/far-east-hospitality-trust-feht-beneficiary-of-opening-up" target="_blank" data-smartkarma-citation="insights:44649" rel="noopener">Far East Hospitality Trust (FEHT): Beneficiary of Opening Up,</a> CrossASEAN Insight Provider<a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" rel="noopener"> Henry Soediarko</a> takes an initial look at<a href="https://www.smartkarma.com/entities/far-east-hospitality-trust" target="_blank" rel="noopener"> Far East Hospitality Trust (FEHT SP),</a> the only hospitality REIT in Singapore with a 100% domestic hospitality exposure and a higher fixed rental component, offering a defensive exposure during this difficult market environment. </p><p>In <a href="https://www.smartkarma.com/insights/bca-profit-returns" target="_blank" data-smartkarma-citation="insights:44605" rel="noopener">BCA – Profit Returns,</a> banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> revisits <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> and finds the bank clawing back some of the ROA it lost during 2Q2020 in the most recent quarter. </p><p>In <a href="https://www.smartkarma.com/insights/bts-potential-positive-catalysts-ahead" target="_blank" data-smartkarma-citation="insights:44691" rel="noopener">BTS: Potential Positive Catalysts Ahead,</a><a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisit this Thai transportation play with a more positive slant.</p><p>In <a href="https://www.smartkarma.com/insights/pttep-4q20-earnings-to-soften-from-lower-asp-and-volume-sales" target="_blank" data-smartkarma-citation="insights:44740" rel="noopener">PTTEP: 4Q20 Earnings to Soften from Lower ASP and Volume Sales,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> assess the prospects for <a href="https://www.smartkarma.com/entities/ptt-exploration-and-production-public-company-limited" target="_blank" data-smartkarma-citation="entities:261:1" rel="noopener">PTT E&amp;P (PTTEP TB)</a> going into the end of the year.</p><h3>Credit Insights</h3><p>In this Insight, <a href="https://www.smartkarma.com/insights/japfa-comfeed-earnings-flash-9m-fy-2020-results-lucror-analytics" target="_blank" data-smartkarma-citation="insights:44743" rel="noopener">Japfa Comfeed - Earnings Flash - 9M FY 2020 Results,</a> Senior Credit Analyst<a href="https://www.smartkarma.com/profiles/trung-nguyen" target="_blank" rel="noopener"> Trung Nguyen</a> discusses <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia (JPFA IJ)'</a>s 9M2020 results, which came in worse than expected (following a dismal Q22020), as the impact of COVID-19 reduced consumers' purchasing power and hit demand. </p><p>In <a href="https://www.smartkarma.com/insights/pan-brothers-earnings-flash-9m-fy-2020-results-lucror-analytics" target="_blank" data-smartkarma-citation="insights:44708" rel="noopener">Pan Brothers - Earnings Flash - 9M FY 2020 Results,</a><a href="https://www.smartkarma.com/companies/lucror-analytics" target="_blank" rel="noopener">Lucror Analytics</a> zeros in on the Pan Brothers’ Q3 and 9M2020 earnings. Pan Brothers’ cash flow generation remained poor, and it continued to report large working capital weakness. It appears unlikely that Pan Brothers will be able to increase the size of its syndication facility, given the low commitment from banks at the moment. </p>


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets.  
Macro InsightsIn Agong Asserts Himself, Preventing Change of PM but Disallowing Emergency Rule, CrossASEAN Chief Economist Prasenjit K. Basu comments on the ongoing political upheaval in Malaysia. In Trouble Down South: It's Not Just the Virus,Dr. Jim Walker gives his prescriptions on why South East Asia has been such a poor performer this year. In Thai Strategy 2021 (Part 1): Key Themes, out Thai guru Athaporn Arayasantiparb, CFA lays out his thoughts for the outlook for the Thai market next year. Equity Bottom-Up InsightsIn his Indonesian Insight, Matahari Department Store (LPPF IJ) - Too Early to Be Early, Cross ASEAN Insight Provider Angus Mackintosh circles back to the country's largest department store operator post its recent results. In AKR Corporindo (AKRA IJ) - Great Omnibus Expectations, CrossASEAN insight provider Angus Mackintosh revisits AKR Corporindo (AKRA IJ) after its recent 3Q2020 results that continued to demonstrate its resilience, with an across the board improvement in margins, despite a decline in sales.In a Malaysian Insight, QL Resources (QL): Take Profit?, CrossASEAN Insight Provider Henry Soediarko revisits this commodity turned retail play, through its Family Mart business. In Far East Hospitality Trust (FEHT): Beneficiary of Opening Up, CrossASEAN Insight Provider Henry Soediarko takes an initial look at Far East Hospitality Trust (FEHT SP), the only hospitality REIT in Singapore with a 100% domestic hospitality exposure and a higher fixed rental component, offering a defensive exposure during this difficult market environment. In BCA – Profit Returns, banking specialist Daniel Tabbush revisits Bank Central Asia (BBCA IJ) and finds the bank clawing back some of the ROA it lost during 2Q2020 in the most recent quarter. In BTS: Potential Positive Catalysts Ahead,Country Group revisit this Thai transportation play with a more positive slant.In PTTEP: 4Q20 Earnings to Soften from Lower ASP and Volume Sales, our friends at Country Group assess the prospects for PTT E&amp;P (PTTEP TB) going into the end of the year.Credit InsightsIn this Insight, Japfa Comfeed - Earnings Flash - 9M FY 2020 Results, Senior Credit Analyst Trung Nguyen discusses Japfa Comfeed Indonesia (JPFA IJ)'s 9M2020 results, which came in worse than expected (following a dismal Q22020), as the impact of COVID-19 reduced consumers' purchasing power and hit demand. In Pan Brothers - Earnings Flash - 9M FY 2020 Results,Lucror Analytics zeros in on the Pan Brothers’ Q3 and 9M2020 earnings. Pan Brothers’ cash flow generation remained poor, and it continued to report large working capital weakness. It appears unlikely that Pan Brothers will be able to increase the size of its syndication facility, given the low commitment from banks at the moment. 

The Week that Was in ASEAN@Smartkarma - South East Asia Lags, the Bank's Return, and Nimble Staples

<div class="content-highlight">
<p>The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a>.</p>
</div><h3>Macro Insights</h3><p>In <a href="https://www.smartkarma.com/insights/could-emerging-markets-double-from-here" target="_blank" data-smartkarma-citation="insights:43435" rel="noopener">Could Emerging Markets Double From Here?,</a> Strategist <a href="https://www.smartkarma.com/profiles/michael-j-howell" target="_blank" data-smartkarma-citation="accounts:2312" rel="noopener">Michael J. Howell</a> revisits the Emerging Markets theme and take a positive view. </p><p>In <a href="https://www.smartkarma.com/insights/set50-index-rebalance-preview-three-changes-for-now-could-be-one-more" target="_blank" data-smartkarma-citation="insights:43285" rel="noopener">SET50 Index Rebalance Preview: Three Changes for Now, Could Be One More,</a><a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a> takes a look at the potential changes to the SET50 Index constituents at the next rebalance.</p><h3>Equity Bottom-Up Insights</h3><p>In <a href="https://www.smartkarma.com/insights/berli-jucker-bjc-tb-se-asia-s-consumer-recovery-proxy" target="_blank" data-smartkarma-citation="insights:43086" rel="noopener">Berli Jucker (BJC TB) - SE Asia's Consumer Recovery Proxy,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits one of South East Asia most interesting consumer players, with interests in consumer packaging and retail, as well as the overall consumer supply chain after a conversation with management.</p><p>In <a href="https://www.smartkarma.com/insights/erajaya-swasembada-eraa-ij-goodbye-blackmarket" target="_blank" data-smartkarma-citation="insights:43353" rel="noopener">Erajaya Swasembada (ERAA IJ) - Goodbye Blackmarket,</a><a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's largest mobile handset retailer after a conversation with management. </p><p>In <a href="https://www.smartkarma.com/insights/wilmar-china-ops-ipo-one-step-closer" target="_blank" data-smartkarma-citation="insights:43330" rel="noopener">Wilmar: China Ops IPO One Step Closer,</a> events specialist <a href="https://www.smartkarma.com/profiles/david-blennerhassett" target="_blank" data-smartkarma-citation="accounts:840" rel="noopener">David Blennerhassett</a> takes a close look at <a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)'</a>s plan to spin off its China operations as a separate listing.</p><p>In <a href="https://www.smartkarma.com/insights/col-central-retail-corp-thailand-delisting-offer-trading-tight" target="_blank" data-smartkarma-citation="insights:43261" rel="noopener">COL-Central Retail Corp: Thailand Delisting Offer Trading Tight,</a> Quiddity Insight Provider <a href="https://www.smartkarma.com/profiles/janaghan-jeyakumar-cfa" target="_blank" data-smartkarma-citation="accounts:3173" rel="noopener">Janaghan Jeyakumar, CFA</a> zeros in on the acquisition of <a href="https://www.smartkarma.com/entities/officemate-pcl" target="_blank" data-smartkarma-citation="entities:17857:1" rel="noopener">COL PCL (COL TB)</a> by <a href="https://www.smartkarma.com/entities/central-retail-corp-ltd" target="_blank" data-smartkarma-citation="entities:28240:1" rel="noopener">Central Retail (CRC TB).</a></p><p>In <a href="https://www.smartkarma.com/insights/crc-acquisition-of-col-will-encourage-hardline-and-omni-channel-business" target="_blank" data-smartkarma-citation="insights:43294" rel="noopener">CRC: Acquisition of COL Will Encourage Hardline and Omni-Channel Business,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> zero in on the potential synergies from the recently announced acquisition of <a href="https://www.smartkarma.com/entities/officemate-pcl" target="_blank" data-smartkarma-citation="entities:17857:1" rel="noopener">COL PCL (COL TB)</a> by <a href="https://www.smartkarma.com/entities/central-retail-corp-ltd" target="_blank" data-smartkarma-citation="entities:28240:1" rel="noopener">Central Retail (CRC TB).</a></p><p>In <a href="https://www.smartkarma.com/insights/dohome-expect-sssg-stronger-than-peers-in-2h20-and-2021" target="_blank" data-smartkarma-citation="insights:43336" rel="noopener">DOHOME: Expect SSSG Stronger than Peers in 2H20 and 2021,</a> our friends at <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> upgrade their recommendation from a HOLD to BUY rating with a new target price of THB16.5 based on 33x FY21E PER (Previous TP is Bt12.5), which is close to the other biggest home-improvement player in Thailand, <a href="https://www.smartkarma.com/entities/home-product-center-pcl" target="_blank" data-smartkarma-citation="entities:9906:1" rel="noopener">Home Product Center (HMPRO TB)</a>.</p><p>In <a href="https://www.smartkarma.com/insights/aot-short-set-long-a-compelling-pair" target="_blank" data-smartkarma-citation="insights:43257" rel="noopener">AOT Short/SET Long a Compelling Pair,</a> technical analysis specialist <a href="https://www.smartkarma.com/profiles/thomas-schroeder" target="_blank" data-smartkarma-citation="accounts:381" rel="noopener">Thomas Schroeder</a> explores this interesting pair trade. <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> buy volume on the rise from mid-August warning that the rise is not only fragile but set for a hard decline from the 60/62 resistance zone. </p><p>In <a href="https://www.smartkarma.com/insights/tasco-medium-term-disruption-from-crude-switching" target="_blank" data-smartkarma-citation="insights:43258" rel="noopener">TASCO: Medium-Term Disruption from Crude Switching,</a> our friends from <a href="https://www.smartkarma.com/companies/country-group" target="_blank" data-smartkarma-citation="companies:965" rel="noopener">Country Group</a> revisit Thailand's largest asphalt player. </p><h3>Sector and Thematic Insights</h3><p>In <a href="https://www.smartkarma.com/insights/south-asian-banks-state-banks-differ" target="_blank" data-smartkarma-citation="insights:43383" rel="noopener">South Asian Banks - State Banks Differ,</a> banking specialist <a href="https://www.smartkarma.com/profiles/daniel-tabbush" target="_blank" data-smartkarma-citation="accounts:12" rel="noopener">Daniel Tabbush</a> compares a select few South Asian State-owned banks including <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero (BMRI IJ),</a><a href="https://www.smartkarma.com/entities/krung-thai-bank-pub-co-ltd" target="_blank" data-smartkarma-citation="entities:298:1" rel="noopener">Krung Thai Bank Pub (KTB TB),</a> and <a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a>.</p><h3>Credit Insights</h3><p>In <a href="https://www.smartkarma.com/insights/bangkok-bank-s-new-at1-overweight-on-relative-value" target="_blank" data-smartkarma-citation="insights:43402" rel="noopener">Bangkok Bank’s New AT1 – Overweight on Relative Value,</a> Credit specialist <a href="https://www.smartkarma.com/profiles/warut-promboon" target="_blank" data-smartkarma-citation="accounts:1226" rel="noopener">Warut Promboon</a> takes a look at the latest bond issue from <a href="https://www.smartkarma.com/entities/bangkok-bank-public-co-ltd" target="_blank" data-smartkarma-citation="entities:213:1" rel="noopener">Bangkok Bank Public (BBL TB).</a><a href="https://www.smartkarma.com/entities/bangkok-bank-public-co-ltd" target="_blank" data-smartkarma-citation="entities:213:1" rel="noopener">Bangkok Bank's (BBLTB)</a> inaugural Additional Tier 1 (AT1) bond offers an attractive higher yielding coupon for the current interest rate environment. </p><div><p></p></div>


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
Please find a brief summary below, with a fuller write up in the detailed section. We also include in the detailed section the past week's relevant discussions in ASEAN@Smartkarma.
Macro InsightsIn Could Emerging Markets Double From Here?, Strategist Michael J. Howell revisits the Emerging Markets theme and take a positive view. In SET50 Index Rebalance Preview: Three Changes for Now, Could Be One More,Brian Freitas takes a look at the potential changes to the SET50 Index constituents at the next rebalance.Equity Bottom-Up InsightsIn Berli Jucker (BJC TB) - SE Asia's Consumer Recovery Proxy, CrossASEAN Insight Provider Angus Mackintosh revisits one of South East Asia most interesting consumer players, with interests in consumer packaging and retail, as well as the overall consumer supply chain after a conversation with management.In Erajaya Swasembada (ERAA IJ) - Goodbye Blackmarket,Angus Mackintosh revisits Indonesia's largest mobile handset retailer after a conversation with management. In Wilmar: China Ops IPO One Step Closer, events specialist David Blennerhassett takes a close look at Wilmar International (WIL SP)'s plan to spin off its China operations as a separate listing.In COL-Central Retail Corp: Thailand Delisting Offer Trading Tight, Quiddity Insight Provider Janaghan Jeyakumar, CFA zeros in on the acquisition of COL PCL (COL TB) by Central Retail (CRC TB).In CRC: Acquisition of COL Will Encourage Hardline and Omni-Channel Business, our friends at Country Group zero in on the potential synergies from the recently announced acquisition of COL PCL (COL TB) by Central Retail (CRC TB).In DOHOME: Expect SSSG Stronger than Peers in 2H20 and 2021, our friends at Country Group upgrade their recommendation from a HOLD to BUY rating with a new target price of THB16.5 based on 33x FY21E PER (Previous TP is Bt12.5), which is close to the other biggest home-improvement player in Thailand, Home Product Center (HMPRO TB).In AOT Short/SET Long a Compelling Pair, technical analysis specialist Thomas Schroeder explores this interesting pair trade. Airports of Thailand (AOT TB) buy volume on the rise from mid-August warning that the rise is not only fragile but set for a hard decline from the 60/62 resistance zone. In TASCO: Medium-Term Disruption from Crude Switching, our friends from Country Group revisit Thailand's largest asphalt player. Sector and Thematic InsightsIn South Asian Banks - State Banks Differ, banking specialist Daniel Tabbush compares a select few South Asian State-owned banks including Bank Mandiri Persero (BMRI IJ),Krung Thai Bank Pub (KTB TB), and State Bank Of India (SBIN IN).Credit InsightsIn Bangkok Bank’s New AT1 – Overweight on Relative Value, Credit specialist Warut Promboon takes a look at the latest bond issue from Bangkok Bank Public (BBL TB).Bangkok Bank's (BBLTB) inaugural Additional Tier 1 (AT1) bond offers an attractive higher yielding coupon for the current interest rate environment. 

The Week that Was in ASEAN@Smartkarma - SE Asia's Consumer Proxy, Wilmar's YKA IPO, and CRC

Indonesia

PT Bank Permata Tbk is a leading Indonesian commercial bank offering a comprehensive range of financial services, including retail and corporate banking products such as savings accounts, loans, credit cards, investments, and digital banking platforms. The bank provides solutions in conventional and Sharia-compliant formats, encompassing consumer banking, commercial banking, and wholesale banking segments. Headquartered in Jakarta, Indonesia, the company was founded in 1954.

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Bank Permata (BNLI IJ)

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